A Short Youtube Documentary that Reveals the Fate of Bitcoin Holders

[Raystonn]

https://www.youtube.com/watch?v=PgDsyj5eLmo

"Bankrupt By Beanies"

Like the gentleman in the video, you all thought you found a sure thing. And now you watch as the value goes lower, lower, and even lower. Eventually, when there's no hope of recouping your losses for the foreseeable future, you'll tell yourselves that... "Maybe someday bitcoin will become popular again!" just like his wife in this video.

Lesson number one in investing: if you've found something that seems too good to be true, it is. Somebody made money on bitcoin, but it's at your expense. Those people found out about bitcoin very early and marketed by telling you that it would change the world, and all you needed to do was buy, hold, and sell no matter what.

In 10 more years, maybe there will be a documentary about some of the people here. At least the guy in this video still has all his stuffed animals to show for his financial failures.

Let me play your game for a moment.  Here is a link to your video at 5:26.  https://www.youtube.com/watch?v=PgDsyj5eLmo#t=326  Watch for 5 seconds.  This is what went wrong with Beanie Babies.  It was the point when Dogecoin decided to switch to an infinite number of coins.  Bitcoin will only ever have a maximum of 21 million coins.  There is no Bitcoin, Inc. waiting to turn out the next batch.  Beanie Babies lost its capability as a store of value when the manufacturer pumped up production.  Value became diluted, investors pulled out, and the bean bag holders were left with worthless product.  Do not confuse this with an item that has limited quantity, guaranteed by mathematics.

[Newbie1022]

https://www.youtube.com/watch?v=PgDsyj5eLmo

"Bankrupt By Beanies"

Like the gentleman in the video, you all thought you found a sure thing. And now you watch as the value goes lower, lower, and even lower. Eventually, when there's no hope of recouping your losses for the foreseeable future, you'll tell yourselves that... "Maybe someday bitcoin will become popular again!" just like his wife in this video.

Lesson number one in investing: if you've found something that seems too good to be true, it is. Somebody made money on bitcoin, but it's at your expense. Those people found out about bitcoin very early and marketed by telling you that it would change the world, and all you needed to do was buy, hold, and sell no matter what.

In 10 more years, maybe there will be a documentary about some of the people here. At least the guy in this video still has all his stuffed animals to show for his financial failures.

Let me play your game for a moment.  Here is a link to your video at 5:26.  https://www.youtube.com/watch?v=PgDsyj5eLmo#t=326  Watch for 5 seconds.  This is what went wrong with Beanie Babies.  It was the point when Dogecoin decided to switch to an infinite number of coins.  Bitcoin will only ever have a maximum of 21 million coins.  There is no Bitcoin, Inc. waiting to turn out the next batch.  Beanie Babies lost its capability as a store of value when the manufacturer pumped up production.  Value became diluted, investors pulled out, and the bean bag holders were left with worthless product.  Do not confuse this with an item that has limited quantity, guaranteed by mathematics.

Infinitely divisible, bro. In theory there are 1,000,000,000,000,000,000,000,000,000,000,000,000... coins out there. Infinitely divisible. Effectively, however, keeping a fixed number of coins does at least provide a psychological peg so that's good.

[cbeast]

https://www.youtube.com/watch?v=PgDsyj5eLmo

"Bankrupt By Beanies"

Like the gentleman in the video, you all thought you found a sure thing. And now you watch as the value goes lower, lower, and even lower. Eventually, when there's no hope of recouping your losses for the foreseeable future, you'll tell yourselves that... "Maybe someday bitcoin will become popular again!" just like his wife in this video.

Lesson number one in investing: if you've found something that seems too good to be true, it is. Somebody made money on bitcoin, but it's at your expense. Those people found out about bitcoin very early and marketed by telling you that it would change the world, and all you needed to do was buy, hold, and sell no matter what.

In 10 more years, maybe there will be a documentary about some of the people here. At least the guy in this video still has all his stuffed animals to show for his financial failures.

Let me play your game for a moment.  Here is a link to your video at 5:26.  https://www.youtube.com/watch?v=PgDsyj5eLmo#t=326  Watch for 5 seconds.  This is what went wrong with Beanie Babies.  It was the point when Dogecoin decided to switch to an infinite number of coins.  Bitcoin will only ever have a maximum of 21 million coins.  There is no Bitcoin, Inc. waiting to turn out the next batch.  Beanie Babies lost its capability as a store of value when the manufacturer pumped up production.  Value became diluted, investors pulled out, and the bean bag holders were left with worthless product.  Do not confuse this with an item that has limited quantity, guaranteed by mathematics.

Infinitely divisible, bro. In theory there are 1,000,000,000,000,000,000,000,000,000,000,000,000... coins out there. Infinitely divisible. Effectively, however, keeping a fixed number of coins does at least provide a psychological peg so that's good.

Why did nobody think to gut the beanie babies and sell the individual beans instead? Pure genius!

[JimboToronto]

For many of us, Bitcoin would have to go below $20 to start losing any money.

And I'm still buying BTC at $400 levels.

Bingo. We've got a winner.

[counter]

I could tolerate the Tulip comparison but this Beanie baby comparison is crossing the line!  You choose to completely ignore anything good about Bitcoin and compare it to an addiction of hoarding stuffed animals.  I won't bother to argue why you're wrong because you didn't bother to explain why your right.  

Bitcoin is a novel experiment and the public ledger is very clever, however it solves a problem that people don't have.

1) People in the developed world have stable currencies, and even if they're concerned about the economy, they can invest in precious metals or foreign currencies. Why buy into bitcoin, which is susceptible to hacks or data loss? Paper wallets are far too complex for your average "Dancing with the Stars" "X Factor" bag of Doritos Mr. and Mrs. citizen.

2) People in the third world who live under unstable economies don't give a shit about bitcoin. They have nothing to save... they live day to day so inflation doesn't mean much to them. Even if they do have money to save, they'll use it to buy foreign currencies or again, precious metals.

We all appreciate bitcoin and think it's wonderful, but if nobody really has a use for it, then it's no better than a beanie baby doll.

Not sure if you watch the news or not but scams and hacks aren't only an issue for Bitcoin, for example Target being hacked and the loss of customers data.  Problems like this are only going to get worse and that is why Bitcoin exists as an alternative.   If your trying to say Bitcoin isn't safe then your mistaken, you and I both know the average person doesn't have a clue how the Banking system works so that doesn't change a thing.  As long as they understand the basics of what not to do they would be fine, the problem is their used to having someone else do everything for them.  Because Bitcoin is a new approach to banking their is expected to be pullback but not people burying their heads in the sand for reason.  The more work involved is well worth it when you look at the big picture.

People in the third world aren't worried about Bitcoin your very right but if the need silver and gold they have a need for Bitcoin.  Maybe not right away but who knows if that will be so in the future and I doubt people in the third world like others speaking for them. If your trying to say Bitcoin isn't safe then your mistaken and the development of the BTC would only make it more accessible to people who don't understand how it works but would like to use it. 

[ninjarobot]

Actually the YT link was pretty good. I enjoyed watching that mini-documentary.

The beanie baby dad had a bit of a Heisenberg look to him... Breaking Beanies.

I'd say there are some parallels to Bitcoin in that the market ultimately decides value and the market is unpredictable. That said, Bitcoin was engineered to have highly desirable and useful properties to enable secure and efficient transfer of value over digital networks. Something that can't be said of Beanie Babies which merely have a novelty or collector value. Still, as we've seen with Dogecoin and others, human psychology plays a huge part in how things ultimately unfold.

[Raystonn]

https://www.youtube.com/watch?v=PgDsyj5eLmo

"Bankrupt By Beanies"

Like the gentleman in the video, you all thought you found a sure thing. And now you watch as the value goes lower, lower, and even lower. Eventually, when there's no hope of recouping your losses for the foreseeable future, you'll tell yourselves that... "Maybe someday bitcoin will become popular again!" just like his wife in this video.

Lesson number one in investing: if you've found something that seems too good to be true, it is. Somebody made money on bitcoin, but it's at your expense. Those people found out about bitcoin very early and marketed by telling you that it would change the world, and all you needed to do was buy, hold, and sell no matter what.

In 10 more years, maybe there will be a documentary about some of the people here. At least the guy in this video still has all his stuffed animals to show for his financial failures.

Let me play your game for a moment.  Here is a link to your video at 5:26.  https://www.youtube.com/watch?v=PgDsyj5eLmo#t=326  Watch for 5 seconds.  This is what went wrong with Beanie Babies.  It was the point when Dogecoin decided to switch to an infinite number of coins.  Bitcoin will only ever have a maximum of 21 million coins.  There is no Bitcoin, Inc. waiting to turn out the next batch.  Beanie Babies lost its capability as a store of value when the manufacturer pumped up production.  Value became diluted, investors pulled out, and the bean bag holders were left with worthless product.  Do not confuse this with an item that has limited quantity, guaranteed by mathematics.

Infinitely divisible, bro. In theory there are 1,000,000,000,000,000,000,000,000,000,000,000,000... coins out there. Infinitely divisible. Effectively, however, keeping a fixed number of coins does at least provide a psychological peg so that's good.

When you divide a Bitcoin, it's like a stock split.  It becomes worth that much more.  This is not the same thing as turning on the printing presses and creating more fiat; not by a long-shot.

[sickpig]

https://www.youtube.com/watch?v=PgDsyj5eLmo

"Bankrupt By Beanies"

Like the gentleman in the video, you all thought you found a sure thing. And now you watch as the value goes lower, lower, and even lower. Eventually, when there's no hope of recouping your losses for the foreseeable future, you'll tell yourselves that... "Maybe someday bitcoin will become popular again!" just like his wife in this video.

Lesson number one in investing: if you've found something that seems too good to be true, it is. Somebody made money on bitcoin, but it's at your expense. Those people found out about bitcoin very early and marketed by telling you that it would change the world, and all you needed to do was buy, hold, and sell no matter what.

In 10 more years, maybe there will be a documentary about some of the people here. At least the guy in this video still has all his stuffed animals to show for his financial failures.

Do I have to reply properly from a brand new account or is it ok using my current one?

[Chuckee]

You guys badly need new people here, to give you insight into what real people think about bitcoin, not the same 20 bull-tards who post the same garbage in here day after day. Of course, there aren't many new users, because hardly anyone is interested in bitcoin anymore. Meanwhile, every day, ~3600 coins are still being created, and Coinbase and Bitpay continue to cash out their holdings.

Know anything about supply and demand and its effects on prices?

[lyth0s]

You guys badly need new people here, to give you insight into what real people think about bitcoin, not the same 20 bull-tards who post the same garbage in here day after day. Of course, there aren't many new users, because hardly anyone is interested in bitcoin anymore. Meanwhile, every day, ~3600 coins are still being created, and Coinbase and Bitpay continue to cash out their holdings.

Know anything about supply and demand and its effects on prices?

Everyday adoption increases, new wallets are generated and the public becomes more aware of bitcoin. If you're worried about the purchasing power of bitcoin, just give it time.

[xDan]

Of course, there aren't many new users, because hardly anyone is interested in bitcoin anymore.

There are less mindless speculators hoping to get rich, and this is a good thing.

Actual users, however, are increasing, but that doesn't bubble the price up as much.

And permabulls and big investors are playing the long game. Still gambling, sure. But if you don't see the potential of Bitcoin you're, well, not even an idiot, rather you are just the average Joe who doesn't look much beyond his next paycheck.

[johnyj]

That's always the result of investing in anything that can be mass produced

[spazzdla]

Chuckee - Registered August 16, 2014, 06:56:52 PM

Its amazing watching the same shit play out every freaking year on this forum. I've seen the same posts by the latest noob troll over and over and over.

Aye... a lot of capital is going into spreading FUD on this forum.

[piramida]

Chuckee - Registered August 16, 2014, 06:56:52 PM

Its amazing watching the same shit play out every freaking year on this forum. I've seen the same posts by the latest noob troll over and over and over.

Aye... a lot of capital is going into spreading FUD on this forum.

As if FUD on this forum affects anyone's buying decisions but a bunch of newbies with 10 dollars each I guess these money would be much better spent on some highly regarded professors bashing bitcoin in financial media, claiming it will go below $10 soon. Oh wait...

[Torque]

Chuckee - Registered August 16, 2014, 06:56:52 PM

Its amazing watching the same shit play out every freaking year on this forum. I've seen the same posts by the latest noob troll over and over and over.

Aye... a lot of capital is going into spreading FUD on this forum.

As if FUD on this forum affects anyone's buying decisions but a bunch of newbies with 10 dollars each I guess these money would be much better spent on some highly regarded professors bashing bitcoin in financial media, claiming it will go below $10 soon. Oh wait...

I know, right?  Why do these troll traders/shorts not realize that just by looking at this sub forum's view count, the people that come here and read only constitute barely 0.1% of the overall worldwide bitcoin holders?  Possibly even much less.  Meaning that, none of their trolling posts will have any significant effect on the majority of bitcoins holders buying & selling decisions.  At all.

Can't they even do simple math?

[Mybitcoinz]

Bearish users are always so catastrophic about their predictions, almost like the bullish dreaming of bitcoins valued at millions of dollars.

[titulng]

good video.
but the fate is in your own hands

[counter]

Bearish users are always so catastrophic about their predictions, almost like the bullish dreaming of bitcoins valued at millions of dollars.

I like how you said almost..  Because we all know they bears screaming the price is falling everyday is just insanity and those that think Bitcoin will be so high are basically wishful thinking or complete geniuses lol.

[Rakitich]

Totally retarded argument, wrong comparation, objectively speaking.

[zimmah]

But, does it affect hodlers?